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Opinion

Our Welfare and the Politics of 2023

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By Kunle Oshobi

As we approach the 2023 presidential elections, as it has become the norm in the Nigerian political scene, issues of ethnicity, religion, and region of the presidential candidates continue to dominate the headlines and criteria for support while the issue of which candidate is best equipped to fix the economy and make life better for Nigerians has taken the back seat.

The irony in all this is that the foremost responsibility of our political leaders is to ensure the welfare and security of the people. While the ability to effectively manage and grow the economy will take care of the welfare of the people, issues of ethnicity, religion, and region add zero value to the effectiveness of our leaders other than the fact that politicians use it as a tool to distract and divide us while they take away our attention from what matters most to us which is our economic welfare.

The more pertinent issue is that the economy is now at it’s lowest ebb given the fact that all the economic gains achieved since the return to democracy in 1999 have been reversed in the last seven years by the current administration that appears clueless as far as managing the economy of the country is concerned.

As a result of this per capita income of Nigerians has dropped by over 50% since 2015 while the Naira has lost over 70% of it’s value within the same period. This has resulted in the prohibitive cost of goods and services, high
unemployment rate, declining productivity, excruciating national debts, increased crime rate, and Nigeria becoming the poverty capital of the world at a time when other third world countries are fast pulling their citizens out of poverty.

Given the grim existential reality we find ourselves in, given the pathetic state of the country’s economy, in our self-interest it only makes sense that we collectively support a candidate that is best equipped and has a proven track record to fix the economy and of all the presidential candidates soliciting for our votes next year, only one of them has a credible track record with growing the economy and has also demonstrated his preparedness to get our country’s economy back on track.

As is the current situation today, at the return to democracy in 1999, the Nigerian economy was at its lowest ebb with the GDP growth rate having stagnated at 0.58%, huge external debt of $35 billion, and debt service obligations in excess of $3 billion per annum, foreign reserves at less than $3 billion, GDP per capita of less than $500 and oil prices at less than $17 per barrel.

Without blaming the past military administrations for the nation’s woes, the
Obasanjo administration set to work and assembled an economic team under the supervision of the then Vice President Atiku Abubakar who was put in charge of the economy while Obasanjo focused more on international diplomacy to restore Nigeria’s battered image in the international community.

With the leadership of Atiku Abubakar, the economic team was able to turn around the economy, and from a dismal economic growth rate of 0.58% in 1999, they were able to achieve a growth rate of 16.2% by the third quarter of 2002 at a time of relatively low oil prices (This remains the highest ever economic growth rate achieved in the county’s history) and put
the country on a trajectory which resulted in our GDP per capita growing by over 600% to $3,000 per capita by 2014.

Having set the economy on the path of sustainable growth, they also ensured that the country’s resources were very well managed and were able to grow the country’s foreign reserves by the highest margins in the
country’s history even after paying off our external debts through a negotiated settlement in an agreement in which they were able to save the country a whopping $18 billion.

That asides they initiated several economic policies which helped to accelerate the growth of the country’s economy and create jobs such as the bank consolidation program which grew our banking industry by over 300% in just two years, the pension reforms which has now grown our pension funds to be in excess of 14 trillion Naira and remains the largest single pool of funds in the Nigerian financial services industry till date, the
Local content policy in the oil industry which retains on average $8 billion worth of oil service contracts to local entrepreneurs while ensuring technology transfer, the cement industry policy which boosted local cement production, saves the country $3 billion annually from money spent on imports and created hundreds of thousands of jobs down the value chain, liberalization of the telecoms industry which attracted tens of billions of dollars into the economy and grew the telecoms industry by over 30,000% within fifteen years amongst several other policies that added up to make Nigeria the fastest growing economy in Africa and resulted in Nigeria becoming the biggest economy in Africa by the time the economy was
rebased in 2013.

It was this same rapid economic growth that Lagos being the commercial capital of the country benefited from and allowed it to significantly grow it’s IGR from the companies thriving based on the economic policies. Ironically, it is someone that added zero value to these companies apart from taxing them that has been busy claiming credit for the IGR growth over the years.

In addition to the vibrant growth-inducing economic policies, as part of the efforts to manage the country’s resources judiciously, the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices
Commission (ICPC) were established to institutionalize the fight against corruption while the National Agency for Food Drug Administration and Control (NAFDAC) was strengthened to make the fight against fake drugs more effective in the country. The Budget Monitoring and Price Intelligence Unit (BMPIU) popularly known as Due Process office was also established to cut the high cost of procurements and contracts, thus saving the federal government hundreds of billions of Naira yearly in the process.

Growing the economy didn’t happen by chance, it took a lot of hard work, strategic planning, commitment, and tenacity which the Atiku-led economic team of the Obasanjo administration exhibited to make Nigeria become the fastest-growing economy in Africa. Given the economic predicament in which we find ourselves today, it is inevitable that we must elect a president that is not just committed to revamping the economy but has a proven track record and experience in this regard.

Of all the presidential candidates that have presented themselves to serve as the country’s next president, only Atiku Abubakar has the requisite experience to turn around the country’s economy while it is also a fact that he is the candidate that has shown the most commitment to fixing the country’s economy based on his level of preparedness.

Apart from having the most robust and realistic plan for the country, Atiku Abubakar plans to address the biggest challenge entrepreneurs have in the country with a $10 billion economic stimulus plan to finance Small and Medium-scale Enterprises (SMEs) in the country to stimulate economic growth. On the contrary, his main opposition’s plan to grow the economy is to recruit 50 million youths into the army and feed them with agbado (corn) and cassava to stimulate demand and supply thus betraying his
cluelessness in managing the economy for growth.

Another frontline candidate is fond of banding slogans such as ‘moving the economy from consumption to production” without any clearcut economic plan of how he intends to achieve this feat but if we are to go by his antecedents in which the poverty rate in his state went up from 41.4% to 53.7% under his leadership as governor, we can safely conclude that all his noise about moving the country from ‘consumption to production’ is mere propaganda as he has demonstrated a very poor ability to manage and grow the economy in his most recent public assignment.

As we approach the 2023 elections, we as Nigerians have to stop allowing sentiments, emotions, and propaganda to influence our decision-making process. We have to identify the candidate that is best equipped to ensure that our best interest as Nigerians is taken care of and which is revamping our economy and growing it for our collective benefit.

In ending this article, I must submit that it is actually in our enlightened self-interest as Nigerians, to vote for Atiku Abubakar as the next president of the federal republic of Nigeria as he is the candidate that is best equipped to fix our ailing economy, grow it and ensure that we all as Nigerians enjoy a better standard of living and higher quality of life. Our welfare is what matters most and it only makes sense that we support the man who has a solid track record of phenomenal performance in managing and growing our economy.

Kunle Oshobi writes from Lagos.

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Opinion

Skills Acquisition: Way Forward for Nigeria’s Educational Development

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By Ayo Oyoze Baje

“The future belongs to those who learn more skills and combine them in creative ways” – Robert Greene

As concerned Nigerians keep deliberating on the best way to navigate the twists and turns inherent in our education delivery system, if yours truly has his way secondary school students should be spending three days of each week for theoretical knowledge and two for practical skills development. These include skills such as tailoring/fashion design, hair dressing and carpentry. Others include building construction, painting, domestic farming, singing, acting, oratory and comedy.

This has become more expedient because in 2023, Nigeria ranked 100th out of 100 countries in Coursera’s Global Skills Report in terms of skill proficiency. Incidentally, the country also ranked low within the Sub-Saharan Africa, placed 12th out of 13 countries.In fact, other African nations such as Botswana and Cameroon outperformed Nigeria in the same report. This was an indication of a significant skills gap in the country. But recent indicators suggest an increase performance that should be built on. For instance, Nigeria showed the fourth-highest year-on-year growth rate for Professional Certificates enrollments on Coursera. This clearly suggests a growing awareness and participation in skills development initiatives which should be built on.

For instance, the unemployment rate in Nigeria stands at about 4.84% in 2025, according to Statista. com. This translates to an estimated 5.74 million people who are unemployed. Similarly, the youth unemployment rate is around 7.50% according to Trading Economics.

Given the current global influence of information technology, the expanding impact of Artificial intelligence ( AI ) and the soaring influence of climate change. Others include the increasing need to ride the freaky waves of economic survival, and the stifling space for employment, not only in Nigeria but across the globe. Yet, the country is abundantly blessed with rare talents in different fields of human endeavour.

Mention names such as Silas Adekunle, known for his robotics expertise and the world’s first intelligent gaming robot or Riya Karumanchi, who invented a device to assist visually impaired individuals the importance of skills acquisition in the development of the talents of our youth gradually dawns on us.

It is a similar scenario when the name of
Hassan and Hussaini Muhammad, who created a way to convert petrol, water, salt, and alum into hydrogen cooking gas crop up. And out there there are other young Nigerian inventors such as Khalifa Aminu (FM transmitter), Muazzam Sani (remote-controlled car), and the team behind the smart walkway light and automatic irrigation. The importance of skills acquisition cannot therefore, be over emphasized.
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Put in its simple terms, skills acquisition is crucial for Nigerian students academic development, because it enhances their employability, as well as boosts entrepreneurship. In fact, it contributes to overall national development. According to experts on educational development it empowers students to be self-reliant, reduces poverty and unemployment, and also provides them with a global perspective.

The impact and import of students’s skills acquisition is amply deployed in Bells University of Technology, Ota, Ogun state. There, students are exposed to the practical aspect of whatever course they are studying such that seasoned professionals are invited to deliver the practical aspect of their theoretical knowledge.Such is the impact that engineering students have become problem solvers. They have constructed pavements, fences, designed and built solid infrastructure.

Furthermore, the Centre for Agricultural Technology and Entrepreneurial Studies (CATES) has come up as a key initiative at the same university. As a noble cause it was established to foster practical, solution-oriented approaches to agricultural and entrepreneurial development within the university and the wider community. The skills promoting aspect of it is that CATES focuses on areas such as poultry technology, aquaculture, cassava farming, and mushroom culture. It also operates a vegetable farm and a plantain farm on campus. All these explain why graduates of the citadel of knowledge become self employed, with several of them kick starting the process right from the University as undergraduates. All these boost their financial independence while they contribute to the Gross Domestic Product, GDP.

Skills acquisition therefore,
increases employability, more so in today’s competitive job market. Having relevant skills makes students more attractive to employers. These include skills such as digital literacy, communication, and problem-solving, which are highly valued across various industries.Entrepreneurship programs teach them how to start and manage their own businesses. This eventually, leads to economic growth and improved living standards with appreciable Human Development Index, HDI. By equipping students with practical skills, skill acquisition programs can assist to lift individuals and families out of the terrifying trap of poverty and ultimately reduce the unemployment rate for the country.

From the global perspective, many skills are transferable across borders. This is one good lesson learnt from the COVID-19 pandemic. Nigerian students can latch on it to participate in the global economy through remote work or international collaborations. It also fosters confidence in students, assist them to adapt to the global socio-economic dynamics,while instilling a sense of accomplishment in them, thereby contributing to overall personal growth.

Of great significance, is that
a skilled workforce is essential for the nation’s economic growth and technological advancement. Overall, the skill acquisition programs contribute to building a more productive and innovative society. So Nigeria work on the report which highlighted specific skill areas where it lags, especially technology and data science.

Nigeria should also learn from countries that stand out for their high levels of skill acquisition and development. These include Northern European nations such as Finland, Norway, and Sweden which consistently rank high, along with Switzerland, Singapore, and Germany. These countries often prioritize education, training, and creating opportunities for their populations to acquire and utilize a wide range of skills. As rightly noted by Malcolm X: ” Education is our passport to the future, for tomorrow belongs to those who prepare for it today”.

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Opinion

The Unsung Patriots: When Integrity Stands Above National Honours

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By Sani Sa’idu Baba

Nigeria’s Democracy Day ought to be a solemn reminder of the sacrifices, resilience, and commitment of individuals who have stood tall in the face of tyranny and injustice. It is a day that should celebrate not only democracy itself, but also the patriots who have preserved its fragile flame. Yet, in what many see as a deliberate and politically motivated omission, several Nigerians of high calibre, unimpeachable character, and unassailable contributions to nationhood were left out of the national honours list announced by President Bola Ahmed Tinubu’s administration.

This omission is not a matter of oversight. It is a calculated decision that speaks volumes about the political insecurities within the corridors of power. One name that resonates profoundly in this discourse is Chief Dele Momodu, adopted son of the late MKO Abiola, a journalist, publisher, presidential aspirant, and fearless voice of the people for over four decades. Chief Momodu is a man who has not only chronicled Nigeria’s history but has lived and shaped it through his unwavering commitment to truth, justice, and democratic ideals.

Let us be honest, this is not about merit. If it were, Chief Dele Momodu’s name would have featured prominently on that list. This is about fear, fear of principled rejection. It is about avoiding the kind of national embarrassment that befell the Buhari administration when internationally acclaimed writer Chimamanda Ngozi Adichie openly declined a national honour because she believed it lacked genuine integrity. Her rejection was not out of arrogance, but from a place of conviction, a deep sense of responsibility not to allow her name to be used as an endorsement of a government she could not, in good conscience, support.

President Tinubu’s government, undoubtedly aware of Dele Momodu’s outspokenness and principled stance, likely feared a repeat of such rejection. Because men like Chief Momodu would not want to accept such honours from those who have allegedly turned our hard earned democracy into a civilian dictatorship. For him, a national honour must be more than a political gesture, but a reflection of national values, a reward from a government that truly serves its people.

Chief Momodu has never been one to seek validation from the powerful. His life’s work has been about amplifying the voices of the voiceless, challenging injustice, and standing firm even in the face of exile and persecution. That is who he truly is. I believe that he will happily accept a national honour from a government that embodies the ideals of democracy not one that plays lip service to it. It’s only a matter of time!

This June 12, as we mark another chapter in Nigeria’s democratic journey, we must also reflect on the kind of leadership we celebrate. It is not enough to decorate the loyal and the silent. True honour lies in recognising the bold, the honest, and the principled even when their truths are uncomfortable.

To Chief Dele Momodu, and others like him who continue to walk the path of integrity, your absence from the national honours list is not a dishonour. In fact, it is a badge of honour in itself. For in a time where sycophancy is rewarded, your principled silence, your steadfast commitment to truth, and your refusal to compromise, speak louder than any medal ever could. Nigeria sees you. History will remember you.
Your recent 65th birthday celebrations which was meant to be simple and low-key but turned into a well organised global celebration all in your honour speaks volumes.

May your integrity continue to inspire a generation that refuses to trade truth for personal gains.

Happy democracy day…

Dr. Sani Sa’idu Baba writes from Kano

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Opinion

Nigeria’s Reforms Have Put the Country on the Global Economic Map

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By Abdul Samad Rabiu

As my country steadies itself, Britain, its Western allies and their companies should deepen this partnership

As ghosts of the 1930s haunt the global outlook, the scramble for trade deals has seized control of government agendas. The United States has leveraged its “tariff war” to secure better terms, driving both friend and foe to the negotiating table. British deals with the US and India have provided some refuge from the prevailing gloom.

Less reported – but with similar potential – was last year’s signing of the Enhanced and Trade and Investment Partnership (ETIP) between the UK and Nigeria , the former’s first such agreement with an African nation. Quiet in its arrival, the pact may yet echo louder.

As someone who has built multinational businesses across Africa, I know the vast opportunity the continent offers, and Nigeria in particular, which alone accounts for a fifth of sub-Saharan Africa’s 1.2 billion people. But I also understand the limitations we have often placed on ourselves when it comes to securing investment.

Lowering barriers to trade is crucial, and for that Britain’s ETIP looks prescient. However, investment and business potential will remain discounted as long as African nations cling to state intervention – from subsidies and price controls to exchange rate distortions – all of which have consistently bred dysfunction and economic instability. Fortunately, Nigeria has now decisively turned a corner, embracing market economics under a liberalising government.

In Morocco this week, Foreign Secretary David Lammy indicated Britain’s position is shifting too. Setting out his strategy for Africa, he said British policy must transition from aid to investment. “Trade-not-aid” is no new idea – but it is the first time a British government has so clearly echoed the demand the African continent has voiced for years.

In making that shift, Nigeria is taking the lead for a continent to follow. So many Nigerian administrations I have known have been hostage to economic events, doubling down time and again on state intervention rather than having the conviction to reform. This administration is proving different. After two years of difficult reforms, Nigeria – under President Bola Tinubu – is now poised to fulfil the promise of its vast natural resources, rapidly growing population of over 200 million people, and strategic coastal location along the Gulf of Guinea.

First, the Tinubu administration removed a crippling fuel subsidy – the most significant policy reform in years. At 25 to 30 cents per litre, petrol in Nigeria was among the cheapest in the world. But the subsidy was bankrupting the government: by 2023, it consumed over 15 per cent of the federal budget – roughly equivalent to the proportion the UK spends annually on the NHS.

When President Tinubu ditched the fuel subsidy on his first day in office, criticism quickly followed. Prices, at least for the time being, have risen. However, statistics must be understood in light of the wide-ranging distortions the subsidy created.

Officially, fuel consumption in Nigeria has dropped by 40 to 50 per cent. But that is not because Nigerians’ petrol use reduced by this amount. In reality the country was subsidising the region, with cross border fuel smugglers profiting from arbitrage. The illegal trade was so blatant that on a visit to neighbouring Niger a few years ago, then-President Mohamed Bazoum even joked about it, thanking Nigeria for the cheap fuel. Though the move was politically unpopular, the subsidy had become unsustainable. Now, spending is being redirected toward development and infrastructure – laying the foundations for long-term growth.

Second, the country has moved from a fixed to a market-determined exchange rate. Previously, only select groups could access the official rate – especially those with political connections; the rest had to rely on a more expensive parallel informal market determined by supply and demand. But selling dollars at an artificially low rate only entrenched scarcity, a problem compounded by an opaque exchange mechanism that deterred foreign investment.

Every two weeks, we used to make the 12-hour drive to Abuja to seek dollar allocations for imports – camping out at the Central Bank for three or four days. Now, I no longer need to go. I’ve met the new Governor only once in two years – because I haven’t had to. Monetary orthodoxy has finally arrived, bringing with it the liquidity that both domestic and foreign businesses depend on to smooth trade and de-risk investment.

Third, the shackles of politics are being prised from business, bringing greater certainty, fairness and stability to the landscape. Five years ago, I woke up one morning to find that the port concession for a new venture of mine had been revoked. It turned out my company was outcompeting a friend of an official of the Nigerian Ports Authority. In the end, it took then-President Buhari’s personal intervention to save the enterprise.

Had I not been politically connected, the business would have folded – along with the 4,000 jobs it provided – at a time when job creation was, and remains, Nigeria’s most urgent challenge. Today, such connections are no longer necessary. The playing field is being levelled, flattening the political ridges and dips that once skewed the game.

Many of these reforms required political courage to withstand the force of criticism. Prices rose as distortions were removed, yet the administration held firm, even as vested interests co-opted public discontent for their own ends.

Indeed, many of the benefits of reform are still to be felt by the wider public. But economic fundamentals must be fixed before that becomes possible. That lead-time often tempts market reformers to reverse course, or avoid reform altogether. Now that Nigeria has made it through the toughest phase, its direction should be clear to investors.

For Britain, the Enhanced Trade and Investment Partnership with Nigeria was a strategic bet on reform, resilience and long-term reward. Nigeria is now delivering its part of the bargain. As my country steadies itself, the UK, its Western allies – and their companies – should deepen this partnership.

Abdul Samad Rabiu is a Nigerian businessman and philanthropist

Culled from Daily Telegraph (UK)

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